Football finance expert Kieran Maguire has recently discussed the latest regarding the failed Saudi Arabian-backed takeover of Newcastle United.
In late July, it was reported that the consortium consisting of Saudi Arabia’s sovereign wealth fund PIF, PCP Capital Partners and Reuben Brothers had ended its £300m bid (per BBC).
It was then later claimed that the takeover had collapsed because the consortium rejected the Premier League’s offer of arbitration to determine who would own the Toon.
One of the latest reports regarding the failed takeover bid stated that a group called ‘Newcastle Consortium Supporters Ltd’ has threatened the top flight with legal action (per Sky Sports).
During the latest episode of The Price of Football podcast, Maguire discussed the latest on the failed takeover bid and the threat of legal action from the group of supporters.
He said: “In terms of what is coming out of the Premier League, there seems to be an awful lot of half-truths being leaked to the press as different organisations take up positions against each other.
“This is from Newcastle Consortium Supporters Ltd, it’s a couple of fans, they’ve been around, they’ve had a word with the QC and this is in respect to anti-competition law.
“The [Premier League], by prevaricating, as is the position which is taken by the litigants here, has effectively broken competition rules and Mike Ashley has quietly supported this, as [has] Amanda Staveley.
“We’ve got this ridiculous situation where there’s somebody who wants to sell a football club and has a price, the buyers want to agree that price, the buyers have the money, not only to pay for the football club, but also to fund the football club going forwards – and the Premier League is saying, ‘Well, we just want a little bit more information’ and does appear to be dragging things out.”
TIF Thoughts on what Kieran Maguire had to say about the latest on the failed Saudi-backed takeover bid…
As can be seen in what Maguire had to say, the group of supporters are claiming that the top flight broke anti-competition law, which is “quietly” being supported by Mike Ashley and Amanda Staveley.
Do you think this development will have any impact on the takeover happening?
No, we need to move on
Yes, it could help it
When Sky Sports contacted the Premier League, they refused to comment. So, it will be interesting to see if the pressure from the group of Toon fans has any impact.